CONTACTS: Linda Rozett/Eric
Wohlschlegel (202)463-5682/888-249-NEWS
Thursday, November 14,
2002
U.S. Chamber Welcomes Action on Terrorism
Insurance--Compromise Means Billions to Flagging
Economy
WASHINGTON, D.C. – The United States Chamber of Commerce
today congratulated lawmakers for their work on a terrorism
insurance bill that will help restore billions of dollars to the
flagging U.S. economy from stalled construction
projects. “Lawmakers put politics aside for the good of
the economy and the good of the American public,” said Thomas
Donohue, Chamber President and CEO. “Fears of future terrorist
attacks – and future lawsuits – have created a drag on the economy
that has finally been lifted.” A significant and
growing number of facilities have been forced to operate without
terrorism coverage, leaving business owners, employees and their
families economically vulnerable, according to the Chamber. Others
are now forced to pay astronomical prices for coverage, tying up
otherwise productive capital that could be used for job creation and
growth.
The
legislation would move all cases to the federal court system, which
will prevent venue shopping by class action attorneys and will help
prevent the outrageous jury awards common to the state tort
system. “We would have preferred stronger litigation
management provisions, which would have prevented trial lawyers from
going after business owners who are victimized by terrorist
attacks,” said Donohue. The Chamber lobbied
aggressively in support of terrorism insurance legislation with
modest liability protections--sending action alerts to its
grassroots network of nearly 4,000 association and state and local
chamber members and more than 45,000 activists across the country,
urging them to call or write Congress. The U.S.
Chamber of Commerce is the world’s largest business federation
representing more than three million businesses and organizations of
every size, sector and region. # # #
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